Goldman trader's fraud caused $118 million loss!

U.S. regulators on Thursday accused a former Goldman Sachs Group Inc trader of defrauding the Wall Street bank of $118 million in a scheme of fabricated trades and fake entries,, Reuters reports.

In a lawsuit filed in the U.S. District Court in Manhattan, the Commodity Futures Trading Commission (CFTC) said Matthew Marshall Taylor had manually entered fake trades in November and December 2007, in an attempt to conceal an $8.3 billion position in futures contracts.

The scheme cost the bank $118.44 million, the CFTC said....

Read all about it at http://finance.yahoo.com/news/ex-goldman-traders-fraud-caused-023930097.html